Real estate prices have been artificially inflated by a number of things. They have to drop a lot more before it comes back in line with the stagnating wages of regular people.
About a decade ago, I was working for a community center and ran into a guy complaining about the fact that he couldn't find a renter for his property.
I explained to him how badly wages stagnated since Reagan and how the rent he was asking for was beyond the reach of most people. I'm not sure he understood.
@tofugolem I built grassroots power to upzone my city and implement pro-renter policies. In the second city on the list in that article we changed the local convo on housing policy to be one of land use + renter protections and identified and fought against the reaganism of wealthy neighborhoods that resist change-- we won that battle. There's more to do but we had to start somewhere to make the rest of the things a possibility.
It is great that you did that, but there are forces beyond our control driving real estate prices up, and stagnating the wages of most. Until that is addressed, things won't substantively get better.
But thanks for doing what you did.
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